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Multifamily Sales Pace Brisk Despite Soft Rents

PHOENIX-The metro's weak market isn't dampening investors' spirits as they chase debt-free properties with stabilized rent rolls to move money from Wall Street to Arizona's streets, says an EVP at CBRE's 2003 MarketWatch.

By Beverly Ford | Updated on March 27, 2003

PHOENIX-The weakest residential rental market in the Valley’s history has left occupancy rates at 90%, but it hasn’t stopped investors from scooping up solid multifamily offerings at a solid pace.

“We haven’t seen this amount of buyer interest in a long time,” Tyler Anderson, executive vice president with CB Richard Ellis Inc. told about 300 real estate professionals at the firm’s MarketWatch 2003 seminar, held yesterday at the Scottsdale Center for the Arts.

Anderson said multifamily properties that are debt free with stabilized rent rolls are garnering the most interest from investors, most of whom are eager to move their money out of a flailing stock market and take advantage of the lowest mortgage rates in 40 years. “It’s not unusual to see seven to 10 offers” on those units, Anderson said.

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